Trading Bitcoin is more than just buying and selling. More and more people are discovering Bitcoin and other cryptocurrencies suitable for adopting digital money on the blockchain. Interest in Bitcoin is also growing in Australia, and companies are responding positively. For example, there are various ways to buy Bitcoin in Australia.
So, what is the best place to buy Bitcoin, and what is the most secure way to store a Bitcoin investment? In this article, there are different ways to buy Bitcoin in Australia, how to trade Bitcoin, and how to store cryptocurrencies.
Various ways to buy Bitcoin in Australia
If you like to invest in BTC in Australia, there are several ways you can opt for it. The most common way is by buying Bitcoin through a crypto exchange. Connecting a bank account, credit, or debit card to the crypto exchange makes it easy to convert fiat currencies into cryptocurrencies.
Investing in Bitcoin with cash is also possible through a Bitcoin ATM. With more than 200 places where a Bitcoin ATM is located, it can be quite a search to find a crypto ATM in Australia. Oceania’s largest country is not much smaller than the United States but has remarkably fewer ATMs. By comparison, Los Angeles, with some 2,000 Bitcoin ATMs, has ten times as many facilities where it is possible to buy Bitcoin with cash.
In addition to buying on an exchange or through a Bitcoin ATM, there is an option to use peer-to-peer (P2P) exchanges. This makes it possible to purchase Bitcoin directly from a person through a marketplace. However, this way needs to be better known and brings several advantages. For example, P2P exchanges often have more liquidity than traditional exchanges, lower fees, and better exchange rates.
The fourth way to buy Bitcoin is through over-the-counter (OTC) trading. This way, it is possible to purchase large amounts of BTC easily. These transactions are concluded directly between two parties; no order book is involved. This way of buying Bitcoin is trendy among wealthy investors and institutional parties who trade Bitcoin for substantial amounts of funds.
Bitcoin ATMs in Australia
To convert cash to BTC, Bitcoin ATMs are ideal for completing this exchange. Especially in major cities, such as Sydney and Melbourne, many Bitcoin ATMs can be utilized to buy Bitcoin. This is also the only way to convert cash directly to cryptocurrencies.
In addition to Bitcoin, buying Ether and Litecoin at these ATMs is often possible. There are even ATMs where XRP and Dogecoin can be purchased. These altcoins can only be accepted. Selling cryptocurrencies is a lot less common at ATMs. However, there are ATMs where buying and selling Bitcoin is possible.
How to trade Bitcoin in Australia?
Trading Bitcoin in Australia can be accomplished within a few steps.
Choosing a reliable crypto exchange that meets a crypto trader’s requirements and needs is essential. For example, a cryptocurrency exchange with a good reputation, low fees, a significant user base, and an ample supply is more attractive than an exchange where trading is expensive, and the supply is small.
After choosing a crypto exchange, it’s time to create an account with the exchange in question. Creating an account can begin by going to a crypto exchange’s homepage and pressing the Register button. By providing all requested personal information and setting up two-factor authentication, the account is ready to use.
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